MANILA - Solar Philippines Nueva Ecija Corp (SPNEC) on Friday listed on the Philippine Stock Exchange under the supplemental listing rules for petroleum and renewable energy companies.
The firm is the first renewable energy company to list under the supplemental listing rules which took effect on Sept. 28, 2011, PSE president and CEO Ramon Monzon said during the bell-ringing ceremony.
"Like REITs, it took more than a decade for the first renewable energy company to list under said supplemental rules. Congratulations to Solar Philippines Nueva Ecija Corp or SPNEC for leading the way," Monzon said.
The supplemental rules allow renewable energy companies in the development stage to list, easing the general 1-year operating requirement and, thus, "creating a more accessible" investing environment, said Securities and Exchange Commission chairman and CEO Emilio Aquino.
"Funding for greenfield projects is what the country needs... We wanted to find out if the market was willing to bet for projects that are in development," SPNEC Chairman, president and CEO Leandro Leviste said.
He said 95 percent of the "solar of the future" is in the pre-operating stage. The Philippines needs over 20x more solar than what it has today to reach the Department of Energy's goal, he said.
Proceeds from the IPO will be used for land acquisitions and to partially fund its ambitious solar project in Nueva Ecija, SPNEC said.
"If the capital market can enable SPNEC's first 50 MW and if SPNEC delivers, then so can the capital markets, foreseeably enable the next 500 MW and even 5,000 MW," he said.
"Based on this IPO, we hope it can be said that the capital markets have spoken and that capital should not be the constraint for our country's transition to renewable energy as long as companies deliver," he added.
SPNEC earlier said it has raised P5.3 billion in orders for its initial P2.7 billion offer.
The company plans to develop the "largest" solar project in Southeast Asia.